Bitcoin (BTC), the leading digital asset, has traded above $100,000 over the last seven days. This marks the longest streak above the psychological level. Per CoinMarketCap data, Bitcoin has managed to avoid dropping below $100,000 despite its fluctuations.
Bitcoin selling pressure intensifies near resistance
However, concerns are beginning to emerge about the short-term outlook for BTC's price. Given the bullish rally Bitcoin recorded over the past seven days, many anticipated it could skyrocket to new heights.
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Bitcoin posted an all-time high (ATH) of $109,114.88 on Jan. 19, 2025, and almost four months later, the coin has not reattempted this level. Every rally has met resistance on the cryptocurrency market as traders fail to sustain momentum.
It appears as if investors who jumped in based on fear of missing out (FOMO) are always dumping on the market after each rise. That is, these FOMO investors are waiting for Bitcoin to reach the level they bought the coin at with added profit to sell.
Recently, as reported by U.Today, Bitcoin worth $103 million hit a major crypto exchange as sell pressure increased in the market space.
The current market shows that a $103,000 resistance level has been identified for Bitcoin. Over the last week, Bitcoin’s price has failed to stabilize above this level.
This development has triggered bearish pressure on the asset and could negatively impact the coin. Notably, if more traders begin selling their holdings, prices might drop. If it persists, the $100,000 level might give way.
Long-term optimism remains, but near-term uncertainty grows
Despite this possible scenario with Bitcoin, Polymarket's latest forecast is bullish.
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Tue, 05/13/2025 - 21:36 $130,000 Bitcoin Incoming? Polymarket's Latest Forecast ByPaul Adedoyin
The popular prediction platform is confident that Bitcoin will exchange at over $130,000 per coin before the end of 2025. The forecast also shows that the asset has an 18% chance of hitting $200,000.
Market watchers are more interested in the short-term performance of Bitcoin as hype surrounds the coin as the first macro asset in 150 years.
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